• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 58 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days Locked Thread on the election
  • 3 hours Mail IN Ballot Fraud
  • 18 hours Michael Moore Cranking Up Planet of the Humans Again
  • 18 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 11 hours Censorship in USA
  • 2 days British PM Eyes Banning Gasoline and Diesel Car Sales
  • 2 days “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 2 days San Francisco Imposes Natural Gas Ban
China’s Crude Oil Imports Sink In October

China’s Crude Oil Imports Sink In October

China’s crude oil imports fell…

Growing Crude Inventories Put A Cap On Oil Prices

Growing Crude Inventories Put A Cap On Oil Prices

Crude oil prices fell today…

Oil Majors Are Eyeing Mexico’s Deepwater Sector

Oil Majors Are Eyeing Mexico’s Deepwater Sector

Though Mexico’s state-owned oil major…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

EIA Reports Hefty Oil Inventory Build

Crude oil prices hesitated today after the Energy Information Administration reported a U.S. oil inventory build of 7.5 million barrels for the first week of February.

The report came a day after the American Petroleum Institute estimated an inventory build of 6 million barrels. Analysts had expected a build of 2.93 million barrels for the period, after the EIA reported an inventory increase of 3.4 million barrels for the prior week.

Refineries processed 16 million bpd last week, the EIA said, and produced 9.2 million bpd of gasoline and 4.8 million bpd of distillate fuel. This compares with a processing rate of 16 million bpd a week earlier, gasoline production of 9.9 million bpd, and distillate fuel production of 5 million bpd.

Gasoline inventories last week shed a modest 100,000 barrels, after a draw of the same size for the previous week.

Distillate inventories fell by 2 million barrels in the week to February 7, after a 1.5-million-barrel decline reported a week earlier.

Oil began regaining ground earlier today after reports from China suggested the coronavirus outbreak may have peaked, with new case reporting slowing down. Medical experts, however, have warned against harboring great hopes that the spread of the disease has peaked, saying the virus can yet surprise forecasters.

Even so, investor sentiment seems to be improving and this is being reflected in oil prices. At the time of writing Brent crude was trading at $56.09 a barrel, up by almost 4% from yesterday’s close before the release of EIA’s report, and West Texas Intermediate was trading at $51.62 a barrel, up by over 3 percent.

Yet before we call it a true oil price rally it would have to continue for more than a day and there are factors that could end said rally before it properly begins. Any news about a resolution of the conflict that caused the Libya production outage, for example, will pressure prices significantly and such news might come as soon as next week, after another round of talks this week in Geneva.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Patches Hooligan on February 12 2020 said:
    See now here is a headline that is actually reflective of the facts. Unlike Julianne Geiger, who bearishly exaggerates in her API inventory headlines, Irina Slav simply states facts.

    Probably could have mentioned the huge build in oil was mostly due to the 800k bpd imports, but at least she's not out to capture a headline for total clicks.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News